No more ‘boys’ clubs’: Super funds to vote against directors on boards with no women

Australia’s peak super investment body will recommend its members vote against the re-election of company directors who sit on boards with no women.

The Australian Council of Superannuation Investors, which represents $450 billion in assets on behalf of more than 8 million Australian super fund members, says time is up for directors sitting on all-male boards.

ACSI chief Louise Davidson says male-only boards have had enough time to “get their house in order”. Photo: Jesse Marlow

“We feel as though these companies have had more than adequate notice about our concerns in this area,” ACSI chief executive Louise Davidson told Fairfax Media.

“They have had more than enough time to get their house in order and have failed to do so.”

ACSI set targets for women on boards two years ago, but says some boards have failed to make progress. Photo: Peter Braig

The group will instruct its members to vote against any incumbent director who sits on an all-male board when investors meet with companies during this year’s annual meeting season in October.

According to ACSI there are 13 companies in the ASX 200 that have no women directors, including telecommunications giant TPG, CIMIC Group (formerly Leighton Holdings), Flight Centre, Investa and Qube Holdings.

The largest ASX-listed company to be without any women on its board is Marcelino Fernandez Verdes’ $12.2 billion CIMIC Group, followed by the David Teoh-led $5.4 billion TPG.

A CIMIC spokesperson declined to comment on the move or the company’s efforts to appoint women to the board.